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Final 1040/Basic Fiduciary Income Tax

‐ Jul 27, 2010 2:35pm

Credits: None available.

All the rules change when the client dies. Discover the unique rules that govern the tax planning and reporting when a client dies including:
Decedent's final income tax return:
- What income is included and deductions are allowable on a decedent's final individual income tax return (Form 1040)
- Treatment of partnership interests and S corporation income in the year of death
- Treatment of passive losses in the year of death
- Continuation of estimated tax payments
- Claiming a refund

Basic income taxation of estate and trusts:
- Taxable income, accounting income, distributable net income and taxable income of an estate or trust
- An overview of the distribution system including the distribution deduction, the separate share rule, the tier system, the 65 day rule and specific bequests
- A sample Form 1041 for a complex trust



Credits: None available.

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